{"id":10199,"date":"2023-05-17T23:15:11","date_gmt":"2023-05-18T03:15:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/rep-maxine-waters-ushers-in-stablecoin-bill-ahead-of-thursday-house-hearing\/"},"modified":"2023-05-17T23:15:12","modified_gmt":"2023-05-18T03:15:12","slug":"rep-maxine-waters-ushers-in-stablecoin-bill-ahead-of-thursday-house-hearing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10199","title":{"rendered":"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing"},"content":{"rendered":"
\n

Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.<\/p>\n

The California Democrat\u2019s draft bill<\/u> would \u201cprovide requirements for payment stablecoin issuers, research on a digital dollar, and for other purposes,\u201d according to a committee memo<\/u> for Thursday\u2019s hearing.\u00a0<\/p>\n

The bill would also require payment stablecoin issuers to be approved by the Federal Reserve or possibly a state regulator.<\/p>\n

\u201cSpecifically, payment stablecoins may be issued by either a qualified bank subsidiary or a nonbank financial company,\u201d according to the memo.\u00a0<\/p>\n

The former House Financial Services Committee chairwoman\u2019s bill would also restrict companies such as Facebook<\/u> or Wal-Mart from issuing their own stablecoins, which they have tried to do in the past.<\/p>\n

This comes after House Financial Services Chair Patrick T. McHenry worked with Waters on a bill late last year with the Treasury Department and Federal Reserve, but didn\u2019t \u201cquite get there<\/u>.\u201d<\/p>\n

McHenry has his own draft bill, which has some similarities to Waters\u2019 bill such as requiring approval by federal or state regulators, but also \u201cprovides clarity for insured depository institutions seeking to provide digital asset-related services,\u201d according to the memo.\u00a0<\/p>\n

What else is happening at the hearing?\u00a0<\/h2>\n

The House Financial Services\u2019 subcommittee on digital assets, financial technology and inclusion will meet at 9 a.m ET on Thursday in a hearing titled \u201cPutting the \u2018Stable\u2019 in \u2018Stablecoins:\u2019 How Legislation Will Help Stablecoins Achieve Their Promise.\u201d<\/p>\n

Lawmakers will hear from Matt Homer, former executive deputy superintendent at the New York State Department of Financial Services.\u00a0<\/p>\n

Homer will speak about the NY regulator\u2019s work and what lawmakers should focus on writing legislation to regulate stablecoins, according to prepared testimony<\/u>.\u00a0<\/p>\n

Other legal and crypto experts plan to talk about why a stablecoin bill is needed during the hearing, according to testimonies.\u00a0<\/p>\n

\u201cWe can \u2013 and should \u2013 proactively mitigate these risks by establishing a regulatory framework now, before these risks grow larger and scale makes change more difficult. Importantly, some form of appropriately calibrated prudential regulation can minimize the risk of needing to provide government support to stablecoin issuers during a period of stress,\u201d said David Portilla, partner at Davis Polk & Wardwell LLP, in his prepared testimony<\/u>.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week. The California Democrat\u2019s draft bill would \u201cprovide requirements for payment stablecoin issuers, research on a digital dollar, and for other purposes,\u201d according to a committee memo for Thursday\u2019s hearing.\u00a0 The bill would also require payment stablecoin […]<\/p>\n","protected":false},"author":1,"featured_media":10200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-10199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nRep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.The California Democrat\u2019s draft bill would\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10199\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.The California Democrat\u2019s draft bill would\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=10199\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-18T03:15:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-18T03:15:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/united-states-capitol-g4d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=10199#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=10199\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing\",\"datePublished\":\"2023-05-18T03:15:11+00:00\",\"dateModified\":\"2023-05-18T03:15:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=10199\"},\"wordCount\":385,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=10199#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=10199\",\"url\":\"https:\/\/ifintechworld.com\/?p=10199\",\"name\":\"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-18T03:15:11+00:00\",\"dateModified\":\"2023-05-18T03:15:12+00:00\",\"description\":\"Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.The California Democrat\u2019s draft bill would\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=10199#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=10199\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=10199#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing | iFintechWorld","description":"Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.The California Democrat\u2019s draft bill would","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=10199","og_locale":"en_US","og_type":"article","og_title":"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing | iFintechWorld","og_description":"Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.The California Democrat\u2019s draft bill would","og_url":"https:\/\/ifintechworld.com\/?p=10199","og_site_name":"iFintechWorld","article_published_time":"2023-05-18T03:15:11+00:00","article_modified_time":"2023-05-18T03:15:12+00:00","og_image":[{"width":1254,"height":627,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/united-states-capitol-g4d.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=10199#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=10199"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing","datePublished":"2023-05-18T03:15:11+00:00","dateModified":"2023-05-18T03:15:12+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=10199"},"wordCount":385,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=10199#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=10199","url":"https:\/\/ifintechworld.com\/?p=10199","name":"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-18T03:15:11+00:00","dateModified":"2023-05-18T03:15:12+00:00","description":"Rep. Maxine Waters is ushering in a draft bill to regulate stablecoins ahead of a House hearing this week.The California Democrat\u2019s draft bill would","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=10199#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=10199"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=10199#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Rep. Maxine Waters Ushers In Stablecoin Bill Ahead of Thursday House Hearing"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/10199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10199"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/10199\/revisions"}],"predecessor-version":[{"id":10201,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/10199\/revisions\/10201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/10200"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}